American Financial Group (AFG) Q2 FY26 earnings call

The company achieved record Q2 pre-tax P&C operating income, driven by strong underwriting, healthy premium growth, and increased net investment income. Core net operating earnings per share rose 32% year-over-year, yielding a 19.2% annualized core operating ROE. Management highlighted broad-based premium growth across three-quarters of its businesses and consistent renewal rate increases, while maintaining conservative loss picks in social inflation-exposed lines.